ITR: What is Annual Information Statement? Where to access for making corrections
Annual Information Statement—introduced in November 2021— gives taxpayers a single comprehensive statement on all their financial transactions done in a financial year. The statement is available in the income tax portal and includes financial transactions reported by banks, RTOs, stock exchanges, etc, with the Income Tax Department.
Annual Information Statement is divided into two parts: Part A (General Information of the taxpayer) and Part B (TDS/TCS Information) Part A: This part of AIS contains the taxpayer’s general information, including his name, PAN, masked Aadhaar number, date of birth, mobile number, e-mail ID, address, etc. Part B: This part of AIS contains the taxpayer’s financial transaction information, including tax deducted at source (TDS), tax collected at source (TCS), specified financial transactions (SFTs), payment of taxes, demand and refund, gains from other sources like lottery, crossword puzzle or horse race etc, receipt of accumulated balance from provident fund (PF), interest from bonds, government securities, offshore fund, shares of Indian companies, insurance commission etc.
The key objective of an Annual Information Statement is to enable the seamless filing of income tax returns (ITR) for taxpayers, promote voluntary compliance and, most importantly, deter non-compliance. To access the Annual Information Statement, the taxpayers should log in to the I-T e-filing website www.incometax.gov.in and follow the following steps: OR Taxpayers who feel that the information reflected in AIS for the given assessment year is not inaccurate can submit a corrected response.
The statement can be evaluated for all entries, including personal information and financial transactions. Steps to correct the
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